State Consolidated Oil Co. v. Commissioner

*88OPINION.

Sternhagen:

The petitioner abandons its attempt to prove a fair market price or value on March 1, 1913, of the McKittrick property greater than that of $75,000 determined by respondent, and we sustain that determination without discussion.

The respondent has conceded petitioner’s claimed deduction of $351.20 for 1920 and $4,989.52 for 1921 as reasonable allowances for exhaustion, wear and tear of equipment, and the deficiency should in this respect be adjusted accordingly.

As to the disbursements made during the taxable years in drilling under the Dabney lease, we see no sufficient…